Business

Michael Steinberg exits Manhattan federal court, Friday, March 29. 2013, in New York. Stienberg, a senior portfolio manager for SAC Capital Advisors, one of the largest U.S. hedge funds was arrested Friday, accused of making $1.4 million illegally in a widening insider trading probe involving an investment company founded by billionaire businessman Steven A. Cohen. AP Photo

NEW YORK -- A senior portfolio manager for one of the nation's largest hedge funds was arrested Friday, accused of joining an insider trading conspiracy that the government said made more than $6 million illegally for the powerhouse investment company founded by billionaire businessman Steven A. Cohen.

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